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NALCO joint venture KABIL and Oil India Limited signed an MoU to explore critical mineral opportunities globally. This collaboration aims to explore and develop new critical mineral resources, which are essential for the country's energy security and economic stability.
NALCO’s joint venture Khanij Bidesh India Limited (KABIL) and Oil India Limited have entered into a Memorandum of Understanding (MoU) to collaborate on international mineral exploration and development projects.
The agreement was signed at NALCO's corporate headquarters in Bhubaneswar and focuses on the exploration of critical mineral resources crucial for India's growing economy.
KABIL is a joint venture under the Ministry of Mines, formed by three state-owned enterprises—National Aluminium Company (NALCO), Hindustan Copper Ltd., and Mineral Exploration and Consultancy Ltd. This joint venture aims to secure overseas mineral assets that are vital for India's resource security and economic growth.
The newly signed MoU between KABIL and Oil India outlines a framework for collaboration to identify and exploit potential critical mineral opportunities on a global scale.
The partnership leverages the strengths of both KABIL and Oil India. KABIL, with its expertise in securing mineral resources, will work alongside Oil India, which brings extensive experience in exploration and production activities.
This collaboration aims to explore and develop new critical mineral resources, which are essential for the country's energy security and economic stability. Both entities aim to address India's growing demand for minerals essential for various industries, including technology, defence, and energy sectors.
NALCO, one of the stakeholders in KABIL, has seen minor action in its stock price. On Wednesday, NALCO's share price closed at ₹184, a decline of 0.82% from the previous trading session. Despite the slight dip, NALCO's stock has shown impressive performance over the past year, delivering a 98.38% return.
On the other hand, the Oil India share price on Wednesday closed at ₹729.40, with an increase of 1.51%. Over the past 12 months, the Oil India stock has given a substantial return of 294.42%.
Overall, this partnership underscores the importance of strategic alliances in tapping global mineral assets and supports India's broader goal of achieving mineral self-sufficiency.
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